I am a Generation X and have had my finances and wills on my mind lately. I have had a conversation with a couple of my adult children, but I still, need to talk to them more about how I am living and what my plans are.

The harder conversation is with the boomer parents. No one likes to easily give out their personal information, but it is important to understand their financial system in place. Imagine, God forbid, something happens, and they are unable to tell you what bills have been paid and what is still outstanding? How many accounts do they have? Are there any investments? What magazines do they subscribe to? Do they have a reserve mortgage? Are they up to date on their taxes? If you can answer “yes” to all of these questions about your parents, then you are probably fine. The conversations are key to helping them navigate as they need it. Notice I said, “as”. It is important to respect their boundaries. It is difficult to accept when you need help so the conversations should start BEFORE they need help. If this isn’t possible, then start slowly. I would suggest:

• Use your own life as an example. Talk about how you are setting your children up to help you
• Consider yourself when aging in place and talk about what you are thinking for yourself
• Maybe you have considered a financial planner, or a friend has, discuss some of the details you learned

However, you start the conservation, it should be respectful and with privacy. Do not force the topic. It should be a natural conversation with room to grow. This will not only lay the ground for future conversation but hopefully strengthen the bond with you and your parents.